San Antonio is one of the most buyer-friendly housing markets in the country, but that doesn't mean home prices are stagnant. In fact, local home prices have seen a double-digit increase in recent years, according to a new report.
Real estate news site Point2Homes reports that from December 2013 to December 2018, San Antonio's median home price increased from $171,400 to $226,200, a 32 percent jump that equates to an additional cost of $54,800. San Antonio had the third highest home price growth among the Texas metros studied, but the 19th lowest in North America.
Fort Worth outpaced the rest of the state and was one of 18 North American cities with a price jump over 50 percent (in all, 83 metros were reviewed). The median home price in Cowtown grew 52 percent, from $148,000 in December 2013 to $225,000 in December 2018, a $77,000 jump.
By comparison, other Texas metros saw relatively modest growth. Austin had a 33 percent jump ($226,000 to $301,391), and Houston's median home price increased 27 percent ($188,500 to $240,000). Dallas had the second lowest home price growth among the Texas cities studied, with a median home price increase of 24 percent ($229,900 to $285,000), and at 12 percent, El Paso had the lowest median home price growth in the state (from $137,650 to $154,000).
"Compared to just five years ago, 40 cities in the U.S., 31 in Mexico, and 10 in Canada have seen significant home price hikes, putting considerable strain on the average homebuyer. With more and more people opting for a connected, urban lifestyle, and with the younger generation’s desire to reduce commute time, demand for urban housing is skyrocketing," the report says.
Detroit topped the North America list with a surprising 97 percent increase in home price but a net increase of only $30,143. San Francisco, however, saw the highest net increase: a staggering $550,000 price increase in just five years.